Addition u/s 68 merely based on presumption/ suspicion is unsustainable

Prashant Pratap Ahir Vs ACIT (ITAT Pune) ITAT Pune held that addition u/s 68 of the Income Tax Act merely on the basis of presumption or suspicion without any corroborated evidence is unsustainable. Facts- A letter was issued to the appellant calling reply, upon no response thereto, on a due approval by service of notice u/s 148 of the Act, a proceeding u/s 147 of the Act was initiated by Ld. AO on the ground that, the assessee inspite in receipt of salary income, cash deposits of more than 10 Lakhs into his savings bank account and large financial capital account transaction undertaken, no re...